Doing Business in Guernsey

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Doing Business in Guernsey DOING BUSINESS IN GUERNSEY CONTENTS 1 – Introduction 3 2 – Business environment 4 3 – Foreign Investment 11 4 – Setting up a Business 12 5 – Labour 16 6 – Taxation 18 7 – Accounting & reporting 22 8 – UHY Representation in Guernsey 25 DOING BUSINESS IN GUERNSEY 3 1 – INTRODUCTION UHY is an international organisation providing accountancy, business management and consultancy services through financial business centres in around 90 countries throughout the world. Business partners work together through the network to conduct transnational operations for clients as well as offering specialist knowledge and experience within their own national borders. Global specialists in various industry and market sectors are also available for consultation. This detailed report providing key issues and information for investors considering business operations in Guernsey has been provided by the office of UHY representatives: LOUVRE TRUST (GUERNSEY) LIMITED PO Box 39, St Peters House, Le Bordage, St Peter Port, Guernsey, GY1 1BR Phone +44 1481 727249 Website www.louvregroup.com You are welcome to contact Matthew Gilligan ([email protected]) or Colin Bridle ([email protected]) for any enquiries you may have. A detailed firm profile for UHY’s representation in Guernsey can be found in section 8. Information in the following pages has been updated so that they are effective at the date shown, but inevitably they are both general and subject to change and should be used for guidance only. For specific matters, investors are strongly advised to obtain further information and take professional advice before making any decisions. This publication is current at March 2018. We look forward to helping you do business in Guernsey. DOING BUSINESS IN GUERNSEY 4 2 – BUSINESS ENVIRONMENT A history of political stability lasting almost a millennium, the absence of exchange restrictions, an established infrastructure to meet the demands of the international finance community and an appropriate regulatory framework have made Guernsey a major international offshore finance centre. Guernsey is situated off the northwest coast of France in the Gulf of St Malo and is approximately 130km (80 miles) from the south coast of England. It is the largest island in the Bailiwick of Guernsey, which consists of the islands of Guernsey, Alderney, Sark and Herm, together with a number of smaller islets. With the separate Bailiwick of Jersey, these make up the Channel Islands, which are part of the British Isles. Guernsey has an area of 63km square (24 square miles) and its capital is St Peter Port, the main financial and business centre. The population is approximately 65,000. Despite the close geographical proximity to France, the way of life in Guernsey is almost entirely British and English is the official language, both spoken and in business. BACKGROUND HISTORY The Bailiwick first became related to the English crown when Duke William of Normandy, to whom Guernsey and Jersey belonged, became King of England in 1066. In 1204, King John lost control of Normandy. The Channel Islands chose to give their allegiance to the English sovereign who continued to govern the Islands in his capacity as Duke of Normandy. In order to retain their loyalty, John granted the Islands the rights and privileges they had enjoyed under the previous Dukes of Normandy. In 1239, Henry III surrendered the title of Duke of Normandy over all former Norman territories except the Channel Islands (where the English Sovereign retains that title even today). Finally, in 1254, Henry III formally annexed the Channel Islands to the crown of England forever. Successive sovereigns have confirmed the status of the Islands in Royal Charters, which established self-government, a separate judicial system and other privileges. Therefore, the Islands have benefited from constitutional continuity and stability for more than 900 years. GOVERNMENT AND POLITICAL SYSTEM Guernsey is governed by its own legislative assembly, the States of Deliberation (the States), to which members are elected by direct universal suffrage. No political parties are represented in the States and the administration of government is carried out through a number of departments, each of which is responsible for a particular service or function. Reflecting the constitutional position, laws passed locally depend for their validity upon ratification by the Queen in Council. DOING BUSINESS IN GUERNSEY 5 The Government of the United Kingdom is, however, responsible for matters of foreign relations and external defence. Whilst UK laws do not apply, it has been found convenient to extend some legislation, such as aerial navigation and merchant shipping acts, to the island. The Convention on the Organisation for Economic Co-operation and Development applies to Guernsey. RELATIONSHIP WITH THE EUROPEAN UNION (EU) The Channel Islands have a special relationship with the UK which affects their relationship with the European Union. The Accession Treaty for the UK contained a special protocol covering the Islands and other crown dependencies. This protocol requires that there shall be free movement of industrial and agricultural goods between the territories and the EU, and that goods imported from outside the EU be subject to the same Common Customs Tariff and agricultural levies as would apply if imported into the UK. The fiscal independence of the Islands is accepted and, apart from ensuring the proper functioning of free trade, they are excluded from the provisions of the Treaty. Thus, in general, the Islands do not benefit from, for example, agricultural subsidies, but equally they are not bound by the majority of EU legislation, including legislation relating to taxation or financial services. LEGAL ENVIRONMENT The roots of Guernsey law lie in Norman (French) customary law, which has evolved over the centuries. In recent years, the law has become more statute-based, which has brought in a number of concepts and precedents from the UK statute and common law. The local legal profession consists of advocates, who have qualified firstly in the UK and then in Guernsey. Only advocates may represent clients in court. The island has its own judicature. In civil matters, a case would first be heard by the Royal Court of Guernsey sitting as an ordinary court; appeal from this would be to the Channel Islands court of appeal and thereafter to the Privy Council. ECONOMY The policy of the island’s Government is to develop Guernsey as a financial and commercial centre of high repute. The responsibility for implementing this policy has been delegated to the Policy Council, which is especially interested in maintaining a balance between principal sectors of the economy, although at present the financial sector predominates. CURRENCY The monetary unit used in Guernsey is pound sterling. The States of Guernsey issue their own notes and coinage for domestic usage (the Guernsey pound – GGP). UK notes and coins are also legal tender. In general, the Government believes that the low rate of taxation and the allowances for capital expenditure are sufficient to promote the island's industry. DOING BUSINESS IN GUERNSEY 6 TAX SYSTEM Income tax is payable only by individuals and not in general assessed on corporations. With the ability to obtain a ruling from the income tax office to ensure the application of the law, international investors can establish companies with total certainty as to their exposure to local taxation. There are no capital taxes and no value added tax or similar. Local residents are taxed on the distributions, including deemed distributions, they receive from Guernsey companies. TABLE 1 Summary of taxes TAX RATE Corporate income tax * 0% Capital gains tax 0% Income tax 20% Withholding tax on bank deposit interest ** 20% Withholding tax on dividends*** 20% Net operating losses 1 year Carry-back/carry-forward Unlimited * Under the new corporation tax regime introduced in 2008, only certain regulated corporations, including licensed banks, pay income tax at higher rates. Collective investment schemes may still elect to be treated as tax exempt. ** In accordance with the EU savings tax directive, with effect from 1 July 2008, 20% tax will be deducted from interest payments made to an individual beneficial owner resident in an EU member state. ***Companies taxed at 0% are required to deduct 20% on dividend payments to Guernsey resident individual shareholder. FINANCIAL REPORTING AND AUDIT REQUIREMENTS There are no statutory requirements for the disclosures to be made in the financial statements of a Guernsey company. Normal practice would be to follow the form of UK disclosure, but accounts drafted under any other territory's practice would also be acceptable. There is no public filing of the accounts of any company, although the accounts of certain types of businesses, particularly banks and collective investment schemes, have to be available to the public. Certain Guernsey companies may be eligible for exemption from audit by passing a waiver resolution prior to commencement of the relevant financial year. Companies falling within the definition of a ‘large company’ are not eligible to be audit exempt. A company is classed as a ‘large company’ if it satisfies tow of the following conditions in the relevant and preceding financial year: a) The company has an annual net turnover of GGP 6.5 million or greater b) The company has a net balance sheet of GGP 3.26 million or greater, or c) The company has an average number of employees of 50 or more. DOING BUSINESS IN GUERNSEY 7 ECONOMIC STRUCTURE Guernsey is regarded as an example of a free enterprise economy with low taxes (0% corporation tax), a free flow of capital, a skilled and mobile labour force and sophisticated financial and entrepreneurial infrastructure. These attributes have brought the island to its position today as a leading offshore financial centre. Historically, the major industries of the island have been horticulture, agriculture and fishing. Of these three, the latter two have remained static both in terms of persons employed and output.
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